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  • Capex expertise and insight: Communications: PwC
    careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Capex professionals with expertise and insight Rolf Meakin Global Communications Advisory leader Global Communications Capex leader London Rolf e meakin uk pwc com Tel 44 0 20 721 31707 Rolf has spent almost 25 years advising telecoms operators and Governments around the world He is PwC s Global Telecoms Advisory Leader and has worked in 30 countries Gary Taylor Global Communications Capex Director Telecoms consulting Gary taylor uk pwc com Tel 44 0 20 7804 0228 Gary brings a global perspective to capex planning and delivery with 15 years experience in telecom capex management He advises operators and investors on capital investments and spent seven years in industry as a Capex Controller and Head of Strategy at a leading UK wireless company Trigvie Robbins Jones Global Communications Capex Director Telecoms Strategy trig uk pwc com Tel 44 0 20 7212 3399 Trigvie is director based in our London office He addresses asset management and control for telecoms and utilities operators He has specialist knowledge and experience of leading fixed assets transformations from strategy through to execution identifying and delivering performance improvement through process change for mobile and fixed line operators in over 40 countries across the globe Communications Publications Telecom Capex expenditure Capital value planning Clear capex accountability Strong capital controls Get well programme Capex professionals Telecommunications industry accounting group About

    Original URL path: http://www.pwc.com/gx/en/industries/communications/capex/expertise-and-insight.html (2016-02-10)
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  • Telecommunications industry accounting group: About TIAG :PwC
    Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites About TIAG Fiona Dolan We established the forerunner to the PwC Telecom Industry Accounting Group in the summer of 2000 Our objective then was to provide a forum for discussion and to develop in conjunction with the industry practical solutions to emerging industry accounting issues At the top of our agenda was the proliferation of new fibre networks and how one might account for purchases and sales of fibre capacity under IRUs This was followed by dealing with the implications of the end of the dot com bubble and particularly addressing the impact of changes in expected future cash flows on asset carrying values Skip forward over a decade and there are clear parallels today The link between creating customer and shareholder value is becoming increasingly entwined This has led to significant auction activity roll outs of new technology and diversification into new areas such as broadcast content and cloud computing As companies are dealing with more revenue streams challenges are being presented to the finance teams as to how to capture and measure this data accurately Cost efficiency is also paramount companies are considering whether assets should be leased or purchased There is also a rise in work sharing arrangements both formal and informal and further consolidation in the industry continues to be expected Investors are also looking for more relevant

    Original URL path: http://www.pwc.com/gx/en/industries/communications/telecom-industry-accounting-group/about_tiag.html (2016-02-10)
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  • Telecommunications industry accounting group: specialist profiles :PwC
    leading the audits of Italian groups and subsidiaries of multinational companies Karsten Ganssauge Dusseldorf Germany Tel 49 406 378 8164 Email Karsten Karsten is the lead accounting advisory partner on a major German Telecom operator He is also heading the structuring practice of the PwC capital markets accounting advisory group in Germany providing advice on structuring of transactions and complex accounting questions Karsten has extensive experience on the practical application of IFRS and US GAAP and broad international experience working in Hamburg Paris London Frankfurt and Tokyo His work experience includes leadership roles such as German Business Group Leader and Head of IFRS European Desk in Japan as well as Head of Transaction Accounting Structuring and sponsoring partner für PwC s Business Combinations Group in Germany He transferred back to Germany from Tokyo in 2012 Karsten is a German chartered accountant and tax advisor as well as a registered CPA in the US Peter Hogarth London United Kingdom Tel 44 02 7213 1654 Email Peter Peter Hogarth is a partner in PwC Accounting Consulting Services group He advises the firm and its clients on a wide range of financial reporting topics dealing with both UK GAAP and International Financial Reporting Standards He is a principal author of the firm s Manual of Accounting and is closely involved with many of the firm s initiatives concerning the future direction of financial reporting He also focuses on developing issues affecting the telecommunications and technology sectors Fernand Izeboud The Hague The Netherlands Tel 31 0 70 342 655 Email Fernand Fernand has served communications companies since 1993 Fernand leads multi disciplinary service teams with a focus on complex internal control issues and financial reporting in multi GAAP environments and in situations of change including Sarbanes Oxley requirements GAAP conversion regulatory reporting IPOs acquisitions and spin offs He is currently the lead client service partner for an incumbent telecommunications company Fernand leads our communications companies practice in The Netherlands grouping specialists from all disciplines in the Firm He is a frequent speaker on conferences and has authored many articles on accounting and auditing of communications companies including the Dutch Auditor s handbook section on telecommunications Tom Leonard Little Rock United States Tel 1 501 907 8092 Email Tom Tom joined PwC in 1996 and in addition to working for a variety of telcomms clients he participated in a two year stint in PwC s National Risk and Quality Group where he provided consultation on complex technical accounting matters to PwC professionals and clients Some of the services that Tom has provided include assistance with registration statements for mergers debt offerings and initial public offerings Rule 144A offering memorandums SEC comment letter consultation designed and led a myriad of major companies carve out audits Sarbanes Oxley Section 404 implementation consultation and assistance annual audits and quarterly reviews In addition to his client responsibilities Tom instructs internal and external technical courses and has co authored PwC telecommunications training material Geoff Leverton Toronto Canada Tel 1 416

    Original URL path: http://www.pwc.com/gx/en/industries/communications/telecom-industry-accounting-group/profiles.html (2016-02-10)
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  • Telecommunications industry accounting group: IFRS solutions: PwC
    provide indicators that an asset is impaired Management should consider both general and telecom specific factors including adverse trends in performance indicators such as network utilisation rates Average Revenue Per User ARPU the number of customers churn and Cost Per Gross Addition CPGA network operating or maintenance expenditure significantly in excess of original budget significant shortfall of revenues compared to budget or prior periods technological developments that may reduce the economic performance of the licence i e the technology related to the licence becomes obsolete impact of changes in regulation and deregulation and increases in market interest rates Cash Generating Units An operator must determine if assets should be tested separately for impairment or as part of a cash generating unit CGU CGUs are the smallest group of assets which include the asset under review which generate cash inflows that are largely independent from other assets or groups of assets The independence of cash flows will be indicated by the way management monitors the operator s activities for example by product lines or locations Operators need to consider if the network can be treated as a single CGU Solution 122 17 Solution 122 18 if fixed and mobile businesses can be a single CGU Solution 122 19 and if the 2G business is independent of the 3G business Solution 122 20 Telecom licences in use do not generate independent cash flows and should be assessed for impairment together with the related network assets Solution 122 21 Calculating a CGU s recoverable amount An asset s carrying value should not be greater than its recoverable amount which is the higher of its value in use or fair value less costs to sell The CGU s recoverable amount must be calculated and compared with its net book value There have been few sales of businesses recently to provide market data on the fair value of a telecom business Operators have assessed the recoverable amount of CGUs by relying on value in use Solution 122 22 As the market picks up operators should determine if there are market transactions to support fair value estimates Forecast Horizon Value in use is the net present value of the future cash flows expected to be generated from the CGU Cash flow projections should be based on reasonable and supportable assumptions that represent management s best estimate of the range of economic conditions that will exist over the assets remaining useful lives or in the CGU IAS 36 revised para 33 The projections should be based on management s most recently approved financial budgets forecasts and should not exceed a period of five years unless a longer period can be justified The projections beyond this point should be extrapolated using a steady or declining growth rate These projections should be extrapolated over the remaining useful life of the primary asset in the CGU Solution 122 23 Capital expenditure Future cash flows are estimated for the CGU in its current condition IAS 36 revised para 44 Estimates of future cash flows should not include amounts expected to arise from improving or enhancing the CGU s current performance Most operators have significant capital expenditure programmes in place Determining whether items of capital expenditure complete maintain or enhance the network asset is often complex Maintenance cash flows may be included in the value in use calculation IAS 38 revised para 49 Estimated cash outflows necessary to prepare an asset or CGU in the course of construction for use together with the expected cash nflows may also be included in the calculation of value in use Solution 122 24 Future capital expenditure that extends the network s reach or enhances its performance may not be included Fixed line operators incur customer specific capital cash flows in connecting customers to their existing network These costs are akin to customer acquisition costs albeit they meet the capitalisation criteria of IAS 16 revised This expenditure and the forecast incremental revenues may be included in the calculation of recoverable amount Solution 122 25 Inventories There is an established practice of operators selling handsets to customers at a significant discount Indeed in many countries handsets are given free of charge to customers who sign a service contract post pay Subsidies and discounts are also given to pre pay customers Inventory is carried at the lower of cost and net realisable value IAS 2 revised para 9 Inventory should be written down to management s best estimate of the net realisable value at the point a loss on the sale of the inventory is committed Operators should write down inventories of handsets to their net realisable value at the balance sheet date If the operator cannot determine the net realisable value for specific consignments of handsets then a best estimate should be made based on the operator s historic evidence of the level of handsets connected to post pay tariffs Solution 122 26 Solution 122 27 Revenue recognition Operators distribution and retail activities were traditionally straightforward The fixed line and 2G operators provided voice service and levied a charge on a per minute basis Revenue was recognised as the service was provided by the operator Today revenue recognition is one of the most complex accounting issues the industry faces Deregulation innovation and competition have driven complexity in the industry It has changed the way the various players contract with each other to deliver service for example content providers and service providers Change has also driven complexity in the service offerings to customers in particular for bundled or multiple element arrangements that may include a handset set Discounts and rebates It is usual for operators to subsidise telecom equipment and discount services Revenue should be recorded net of any discounts Service arrangements The majority of operators revenues are earned from the provision of telecommunication services to attract customers Revenue should be recognised as the service is rendered that is as the operator fulfils its obligations to the customer Solution 122 30 Most fixed line and mobile operators sell prepaid call cards Customers pay for the card in advance and are entitled to a particular number of minutes over a period of time The operators are not earning revenue from the sale of the physical card Revenue is earned from the subsequent provision of telecommunication services The advance payments received should be recorded as deferred revenue Revenue should be recognised as the services are rendered that is as the customer uses the credit or on expiry of the card Solution 122 31 Operators sell prepaid cards without a stated expiry date in some territories An unused amount often small can remain on the cards indefinitely Revenue is only recognised on the cards as the services are used If there is no expiry date on the card the operator never extinguishes its responsibility to deliver service The revenue relating to the unused minutes should not be recognised even where the operator is able to demonstrate that it is unlikely that the card will be used again Solution 122 42 Principal agent arrangements Convergence has been a buzz word in the telecom industry for some time with operators seeking to deliver more services and content through the handset to the consumer Operators are increasingly entering into alliances and revenue share arrangements with third parties for content and other services Determining if the operator is principal or agent depends on the facts of each arrangement A principal should record revenue as the gross proceeds billed net of any discounts and sales taxes An agent should record revenue as the net commission earned IAS 18 revised para 8 It can sometimes be difficult to determine whether an entity is functioning as an agent or as a principal The standard does not provide any prescriptive guidance on the determination Typically a principal has the contractual relationship with the customer that is the customer believes he is doing business with the principal e g the customer looks to the principal for customer satisfaction issues such as warranty claims beyond those provided by a third party manufacturer and product returns the ability to set the terms of the transactions e g selling price payment terms etc inventory risk e g loss in value of handset credit risk if the customer defaults the principal bears the loss and responsibility for the collection and remission of any sales or similar tax that is imposed on the transaction The existence of any one of these conditions is not sufficient evidence that an operator is acting as a principal Operators must consider all of the conditions above when concluding which accounting treatment to use for principal agency arrangements There are a large number of principal agency relationships in the telecom industry These often take the form of revenue share arrangements Solution 122 32 Solution 122 33 The most common examples of principal agency agreements in the industry are inter operator interconnect and roaming arrangements Operators are normally acting as principals in the provision of interconnect and roaming arrangements Solution 122 34 However in some countries special tripartite agreements are commonplace and operators act an agents on behalf of each other Solution 122 35 Distribution arrangements with third party dealers Another area where the principal agency relationship must be assessed is when operators sell equipment through third party dealers A common example is the sale of mobile handsets through a dealer s stores The assessment of whether a dealer is acting as a principal or agent will impact recognition and measurement of revenue Where the circumstances of the relationship between the operator and the dealer demonstrate that the dealer is acting as a principal for the sale of handsets the operator should recognise the sale of the handset as a transaction separate from the subsequent acquisition of a customer via that dealer Solution 122 43 The cost of the handset should be recognised as a cost of sale at the same time as revenue is recognised The substance of the relationship between the operator and the dealer may be that the dealer is acting as an agent for the sale of handsets The operator should not recognise revenue on any amounts received from the dealer on the initial sale of the handset to the dealer Solution 122 44 The sale of the handset is recognised when it is sold to a customer and the customer is connected to the network The operator must assess if the handset sale is a separate transaction which qualifies for immediate recognition or whether it is linked to the provision of service 122 8 5 Multiple element arrangements Identification of deliverables that qualify as separate elements Multiple element arrangements The telecom industry is increasingly characterised by the offering of complex bundles as part of a single transaction or a series of linked transactions Examples include the sale of broadband modems connection and service in the fixed line sector and the sale of mobile handsets and service contracts in the mobile sector These arrangements are referred to here as multiple element arrangements MEAs Characteristics of MEAs MEAs require an operator to deliver telecom equipment and or a number of services under one agreement or under a series of agreements which are commercially linked The package price of the goods or services is generally set below the price at which these items would be sold individually Accounting for MEAs There are three factors which should be considered in determining the accounting for bundled or linked transactions IAS 18 para 13 These are Is the commercial effect of the arrangement such that the deliverables should be accounted for separately If the deliverables are separable how should the total consideration be allocated across the deliverables and When should revenue be recognised in respect of each deliverable The questions raised in 1 and 2 above are considered below The revenue recognition criteria of IAS 18 should be applied in respect of the sale of telecom equipment and the provision of services Separation and linking of contractual arrangements A MEA should be accounted for as two or more separate transactions unbundled where the commercial substance is that the individual deliverables operate independently of each other This means that each deliverable represents a separable good or service that the operator or another supplier routinely provides to customers on a stand alone basis The operator should be able to attribute a reliable fair value to each deliverable by reference to transactions for that item alone where the various deliverables are to be unbundled The absence of a reliable fair value for any of the deliverables indicates that the goods and services do not operate independently A reliable fair value is not established by a single transaction A reliable fair value is established by the operator having a regular practice of selling the good or providing the service to customers A reliable fair value may also be provided by another operator or retailer publishing prices for the good or service separately Identification of deliverables that qualify as separate elements Telecom equipment and service Telecom equipment typically operates independently from the services provided Operators sell services separately from handsets and vice versa Solution 122 45 Solution 122 46 Subscribers can also purchase internet modems from retailers and obtain internet access from their telecom service provider The latest models of 3G handsets can generally deliver 2G voice and SMS services on a 2G network The sale of the handset or other equipment is not separable from the sale of the service where the service cannot be obtained independently from the purchase of the telecom equipment The operator will need to consider whether the arrangement is only one service contract for which revenue should be spread over the life of the service or whether the arrangement it has with the customer is in substance a contract for service and a lease arrangement over the equipment in accordance with IFRIC 4 Determining whether an Arrangement contains a Lease Connection Many fixed line and mobile service offerings include a charge for connection Frequently it will not be possible to demonstrate that the connection fee is in respect of a service which is operating independently from the service arrangement with the operator Solution 122 47 There are circumstances where it will be possible for the operator to demonstrate that the connection is operating independently from the other services Solution 122 48 This could be the case in a deregulated fixed line environment where one operator provides the connection and another operator provides the service Promotional offers It is common practice to offer free products to subscribers to encourage them to sign up to a contract common free products have included DVDs or other electrical goods These promotional offers are not separable revenue generating deliverables for the operator All the revenue under the contract is revenue for the provision of telecommunications services and equipment Operators should recognise the cost of these free products as a marketing expense No revenue should be allocated to these services Solution 122 49 Complex tariffs It is common practice for the service offering to subscribers to include a number of different elements voice MMS SMS content downloads on one tariff The significance which is attached by analysts to the different elements in the results of operators means that the allocation of total consideration across the different elements is important Solution 122 50 Allocation of total consideration received or receivable Revenue in a multiple element arrangement is recognised at the fair value of the consideration received or receivable in respect of each separable element The recognition criteria in IAS 18 are usually applied separately to each transaction However in certain circumstances it is necessary to apply the recognition criteria to the separately identifiable components of a single transaction in order to reflect the substance of the transaction Conversely the recognition criteria are applied to two or more transactions together when they are linked in such a way that the commercial effect cannot be understood without reference to the series of transactions as a whole IAS 18 para 13 IAS 18 does not offer any practical guidance on how this principle should be applied in practice particularly in light of the fact that the consideration received for the bundle is often less than the sum of the value of the individual elements As revenue should be recognised at the fair value of the consideration received the discount that the customer obtains by buying all the components should be applied rateably based on available fair values Operators often offer significant discounts on the equipment Therefore the subscriber only pays a small amount at the time of sale in comparison to the value of the equipment received An allocation of the total consideration of a MEA determined according to the relative fair value of the equipment and service may result in a larger amount of consideration being allocated to the equipment The cost of the equipment is recognised at the same time as the related revenue Solution 122 45 IRUs and capacity arrangements Accounting for the purchase and sale of IRUs and capacity arrangements is considered in section 122 5 above The sellers accounting for the sale of specified network infrastructure Solution 122 36 and the sale of lit capacity Solution 122 37 should mirror that of the buyer The exchange of lit network capacity that is similar in nature and value does not give rise to the recognition of revenue Solution 122 38 Attention This guidance is based on the revised standards and interpretations that are mandatory for accounting periods commencing 1 January 2005 A company may early adopt an individual revised standard but only in its entirety Capitalisation of rental expenses Issue The cost of an item of PP E comprises inter alia any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner that management intends IAS 16 revised para 16 Should an operator capitalise rental expenses Background Operator A is constructing a section of

    Original URL path: http://www.pwc.com/gx/en/industries/communications/telecom-industry-accounting-group/ifrs-solutions.html (2016-02-10)
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  • Mine Top 40 The Gloves Are Off: PwC
    of the top trends in the global mining industry Analysis is based on the financial performance of the Top 40 mining companies by market capitalisation 2014 was expected to be a tough fight for the global mining industry with commodity prices down and short term volatility increasing The initial scorecard for the largest 40 miners was mixed and now the gloves are off for the industry with widespread government intervention internal industry conflicts and rising shareholder activism according to PwC s annual Mine report According to new analysis of the largest 40 miners from PwC the industry trimmed spending and largely managed expectations through higher production and unexpected help from currency devaluations and lower input costs despite continued headwinds from weak commodity prices Improved capital management resulted in capital velocity declining for the first time since 2010 to just over 12 and helped the mining companies generate free cash flow and reward shareholders While market values declined a further 16 shareholders also benefitted from an all time high dividend yield of 5 The success of cost saving initiatives became more apparent in 2014 as operating costs decreased 5 While the mining industry had been indicating for the last two years their intention to reduce capital spending such reductions were actually realised in 2014 as expenditures on significant projects declined 20 A key measure of the industry s investment agenda capital velocity slowed to just over 12 with further decreases expected in 2015 and for the first time the total asset base shrunk 1 While commodity prices decreased across a number of commodities and drove lower revenues the report found this was partially offset by increased volumes particularly in iron ore where supply expanded on the back of large expansion programs of the past few years The decline in the iron

    Original URL path: http://www.pwc.com/gx/en/industries/energy-utilities-mining/mining/publications/top-40-mining-companies.html (2016-02-10)
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  • Fit for $50 oil: PwC
    inclusion Analyst relations Alumni Member firms worldwide Live events and discussions Strategy Research insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Fit for 50 oil Is your company in shape As global oil and gas prices have plummeted and the down cycle is once again challenging the industry to make abrupt decisions about how to manage lower commodity prices PwC s oil and gas professionals provide some guidance in a one hour web cast The Fit for 50 concept focuses on how oil and gas companies should prepare for and act in weak hydrocarbon pricing environment The focus is on the market drivers key company metrics and the target operating model that can help companies navigate the down cycles and be positioned for the up cycle To view the webcast please go to this link The presentation is also available for download below Download Fit for 50 oil Is your company in shape PwC Energy Executive Webcast Series Energy utilities and mining Oil and gas Power utilities Global Power Utilities Centre of Excellence Customer Transformation Market design Supply chain management Smart grid distributed generation Renewable cleaner energy Nuclear energy Deals energy financing Capital projects infrastructure Enterprise asset management Financial reporting Commodity trading risk management

    Original URL path: http://www.pwc.com/gx/en/industries/energy-utilities-mining/oil-gas-energy/publications/fit-for-50-dollar-oil.html (2016-02-10)
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  • Trust: Redesigning institutions: PwC
    institution s constitution for example An organisation might be criticised for its lack of environmentally sound practices even though it complies with national laws The company might argue that it s focusing on maximising shareholder value even while the state the wider public and increasingly shareholders themselves demand it takes into account wider interests Management remuneration is another hot button issue it may be based on what an organisation sees as objective performance based criteria yet be seen as inappropriate by others based on the notion of fair income distribution between management employees and the general public The effectiveness of an institution s organisational design also faces challenges For example in recent years many healthcare institutions have struggled to deliver effective services due to severe financial pressures and administrative inefficiencies as well as dealing with new technologies new competitors and changing consumer demands In another example lack of oversight and accountability within institutions contributed to the breakdown of the banking system during the financial crisis Then there s the thorny issue of transparency Take for instance the case of a multinational corporation that complies with the various mandatory country by country reporting requirements for tax It may be unclear to those outside the organisation how the profits that it reports relate to the taxes that it pays in different jurisdictions The challenge for companies is to consider what additional disclosures might be appropriate to ensure that the information provided isn t misinterpreted or misunderstood Megatrends and the design transformation The challenges that institutions face in demonstrating their trustworthiness will only get more complicated as global megatrends continue to shape our future Technological advances climate change and resource scarcity urbanisation demographic changes and shifts in global economic power are transforming the world around us This in turn affects the design of institutions as history has shown us time and time again Consider the rise of the corporation as an institution in the 19th century This was directly linked to the need to collect huge amounts of capital to fund necessary investments in transportation and information systems following the invention of the steam engine and the telegraph That s how the railroad and telegraph companies grew in North America The rise of cities along with the creation of unions and new political parties were also a consequence of this first industrial revolution Today we re on the verge of another industrial revolution We re moving from a world dominated by the physical movement of people and goods to one where there s a constant dance between digital and physical value creation The institutions that protect property rights privacy ownership and other vital societal norms are under enormous strain because there s no longer clear agreement on what legitimacy effectiveness and transparency mean Take for example how digital entrants disrupted the publishing business and the behaviour of readers That transformation is so profound that the legitimacy of such institutions can t be understood in the context of the existing value system We need

    Original URL path: http://www.pwc.com/gx/en/issues/trust/redesigning-institutions.html (2016-02-10)
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  • Energy, utilities and mining: Financial reporting in the mining industry: PwC
    Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Financial reporting in the mining industry Download The Financial reporting in the mining industry FRIM 2012 edition looks at how IFRS is applied in practice by mining companies identifying unique issues for the industry In this edition we include a number of examples to demonstrate how companies are responding to the various accounting challenges along the value chain Of course it is not just IFRSs that are constantly evolving but also the operational issues faced by mining companies with the heavy demand for capital and risks faced by the industry driving more cooperative working relationships We look at some of main developments in this context with a selection of reporting topics that are of most practical relevance to mining companies activities The new standard on joint arrangements will be an area of focus for companies in the mining sector The classification of the joint arrangement determines the subsequent accounting and we consider some of the challenges introduced by the new standard in determining the type of joint arrangement which exists We also look at the new Interpretation on production stripping costs and practical issues associated with its implementation FRIM is written for executives and financial managers in this sector investors and other users of mining industry financial statements and accounting bodies standard setting agencies and governments around the world What s new this year The new sections on joint arrangements and stripping costs will be of particular interest to our clients

    Original URL path: http://www.pwc.com/gx/en/industries/energy-utilities-mining/mining/publications/financial-reporting-in-the-mining-industry.html (2016-02-10)
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